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. ♪ gerri: tonight, no clarity from congress from the fiscal cliff. will the american people end up being the big loser? and with the lame-duck congress back in session, new warning about rules and regulations that it your way. welcome to "the willis report." hello, everybody. the white house trying to save face by saying it is wrong to think about talks to avert the thistle class have broken down, but the evidence is mounting. the president pushing tax checks on those making over 250,000. all that promise, the second meeting between president and congressional leaders is an even scheduled yet. senate majority leader harry reid refusing to put cuts on the table and saying it is republicans who are holding up negotiations. should we expect to go right over the cliff? let's start by talking about whether it is impossible to get some kind of thoroughgoing resolution of this issue. >> at think it is, but we have to be working on a full-time. the president needs to be here talking to members of congress and working out a big deal, meaning tax reform, and p
. ♪ gerri: tonight, no clarity from congress from the fiscal cliff. will the american people end up being the big loser? and with the lame-duck congress back in session, new warning about rules and regulations that it your way. welcome to "the willis report." hello, everybody. the white house trying to save face by saying it is wrong to think about talks to avert the thistle class have broken down, but the evidence is mounting. the president pushing tax checks on those making over...
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Nov 27, 2012
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he has been very vocal in his call for congress to fix the fiscal cliff. you are a little bit more negative than your colleagues. why is that? >> well, what he said is if we gover the fiscal cliff, the economy will drop into a recession and the fed does not have the ability to stop that. now the question is, what if we do not hold the fiscal cliff but some of the other things that are being talked about, like the president's plan, what would happen then? the president's plan to raise taxes on high income individuals, cutting deductions for high income individuals, raising the corporate tax ate read a long list of that sort. eliminating the payroll tax holiday. that would take about 2% out of the gdnext year. we are struggling to reach 2%. as wwould basically be on the edge of an economic downturn we are sure to go into a recession if we go over the cliff and don't turn it around quickly. but even if we don't, if we have something like the obama plan, we could easily slide into recession. it is not nearly as much is going over the fiscal cliff, but it basic
he has been very vocal in his call for congress to fix the fiscal cliff. you are a little bit more negative than your colleagues. why is that? >> well, what he said is if we gover the fiscal cliff, the economy will drop into a recession and the fed does not have the ability to stop that. now the question is, what if we do not hold the fiscal cliff but some of the other things that are being talked about, like the president's plan, what would happen then? the president's plan to raise...
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Nov 27, 2012
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are we any closer to a tax and fiscal cliff fix? cnbc's own chief washington correspondent john harwood joins us now with all the details. good evening, john. >> reporter: good evening, laurie, and i think we are getting somewhat closer, and the white house would count it as good news that you found common cause with their report on the impact of fiscal spending. let's talk for a moment about what's happened on the fiscal cliff by the numbers since that early constructive meeting with the congressional leaders and the president. the numbers are all one. there's one month left for these leaders to figure it out. two, 1.4 it is is the amount to be shaved off by gdp and one is the amount of trillions of dollars that democratic aides, senior democratic aides tell me is necessary to get a deal wit end of the year with the remaining 3 trillion of savings coming in the early part of next year, ants finally one is the number of phone calls made over the weekend between president obama and house speaker john boehner so there hasn't been a lo
are we any closer to a tax and fiscal cliff fix? cnbc's own chief washington correspondent john harwood joins us now with all the details. good evening, john. >> reporter: good evening, laurie, and i think we are getting somewhat closer, and the white house would count it as good news that you found common cause with their report on the impact of fiscal spending. let's talk for a moment about what's happened on the fiscal cliff by the numbers since that early constructive meeting with the...
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Nov 27, 2012
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it is what is known here as falling off the fiscal cliff. despite warnings, the global consequences -- and the global consequences of falling off that cliff, can washington he managed -- can washington manage it? thank you for joining me. the markets are looking in america and wondering whether politicians will be able to avoid this fiscal cliff. are things headed that way? but i think eventually they will. the good news -- >> i think eventually they will. the good news is that it is more like a fiscal beach. it is not like the debt ceiling. it is not a sudden that situation. there is a bit more flexibility. but one of the issues emerging is what the attitude of richer americans will be and whether they will accept the need to pay higher taxes. you probably read, as i did today, a very interesting op-ed by warren buffett, who points out that early in his career in the 1950's and 1960's when he was making a lot of money, the tax rate was many times higher than it is today. he is calling on rich americans to pay up. >> is warren buffett and ou
it is what is known here as falling off the fiscal cliff. despite warnings, the global consequences -- and the global consequences of falling off that cliff, can washington he managed -- can washington manage it? thank you for joining me. the markets are looking in america and wondering whether politicians will be able to avoid this fiscal cliff. are things headed that way? but i think eventually they will. the good news -- >> i think eventually they will. the good news is that it is more...
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Nov 27, 2012
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the big story tonight teetering on the edge of the fiscal cliff about 36 days to go until tax increases kick in. the white house and congress are playing a high stakes game of let's make a deal. president obama spoke with john boehner this weekend and expressed confidence the deal can't be reached before the deadline. that's what most americans want. in the the latest poll. >> when you're $16 trillion in debt, the only pledge we should make to each other is to avoid. >> you signed it 20 years ago, 18 years ago is for that congress. the world has changed. >> joining me now is the man in the middle of this storm, grover norquist. grover, welcome to you. >> good to be with you. >> you can't comply on the bounty the mutiny has begun: >> it's funny to watch a senator or congressman who got himself elected by promising the citizen of his state that he would go to washington to reform government and not to pay taxes. when the going gets rough he wanted to debt ceiling increase. the same cast of chakts are turns in the homework for the second tyne two years later and there's not a snowball roll
the big story tonight teetering on the edge of the fiscal cliff about 36 days to go until tax increases kick in. the white house and congress are playing a high stakes game of let's make a deal. president obama spoke with john boehner this weekend and expressed confidence the deal can't be reached before the deadline. that's what most americans want. in the the latest poll. >> when you're $16 trillion in debt, the only pledge we should make to each other is to avoid. >> you signed...
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Nov 27, 2012
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." ♪ ♪ >> dana: congress 35 days to reach a deal and prevent the economy going over the fiscal cliff. no mystery what the issues areu. the democrats know, republicans know and so does president obama. entitlements are pushing the country toward financial ruin. here is what the president said in 2010. >> the major driver of the long-term liabilities is medicare, medicaid and healthcare spending. nothing comes close. social security we could probably fix the same way tip o'neil and ronald reagan sat down together and we could figure something out. that is manageable. medicare and medicaid, massive problems down the road. that's where, that is what our children have to worry about. >> dana: here we are, two years later and still no plan. on the left in congress refusing to deal with that simple reality. vermont senator bernie sanders caucuses with the democrats. take a listen. >> i get nervous when i hear the president and others continue to talk about quote/unquote, entitlement reform. which is just another cut for medicaid and medicare and social security. >> eric: brian, start with yo
." ♪ ♪ >> dana: congress 35 days to reach a deal and prevent the economy going over the fiscal cliff. no mystery what the issues areu. the democrats know, republicans know and so does president obama. entitlements are pushing the country toward financial ruin. here is what the president said in 2010. >> the major driver of the long-term liabilities is medicare, medicaid and healthcare spending. nothing comes close. social security we could probably fix the same way tip...
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Nov 27, 2012
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if congress is unable to prevent the fiscal cliff, our lawmakers could send the entire world economy into a recession. steve moore is here, senior economics writer at the "wall street journal." he joins us now from washington, d.c. will they prevent it, steve? >> the good news is, no one should ever listen to what they say. but, you know, these go sheesh and keep rolling on. my sources on capitol hill say that there is still a lot of gridlock there. the main thing, in my opinion, can they reach a deal on these taxes that does not require all of the requirements of business to go up? dagen: do think that happened, because again, there are so many taxes that we need to worry about, the lawmakers never fixed it for 2012. if they do not fix that, it will hit 33 million americans. the payroll tax cut. will that go away, because, again, it was temporary ones, temporary twice and it will still be a higher tax. >> im so glad you brought up the amt. nobody has really been focusing on this. that would be bigger than even extending the bush tax cuts. you are talking about $2 trillion in additio
if congress is unable to prevent the fiscal cliff, our lawmakers could send the entire world economy into a recession. steve moore is here, senior economics writer at the "wall street journal." he joins us now from washington, d.c. will they prevent it, steve? >> the good news is, no one should ever listen to what they say. but, you know, these go sheesh and keep rolling on. my sources on capitol hill say that there is still a lot of gridlock there. the main thing, in my...
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Nov 27, 2012
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the fiscal cliff is a bluff. now, defaulting on the debt, that's something real. you could spark some global financial crisis. but the fiscal cliff, people are going to wake up january 2nd, 3rd, 4th, 5th, and nothing substantial will have changed. because these are cuts that are phased in, it'll take a long time for the withholding to start hitting people's paychecks, and even after withholding starts hitting people's paychecks, you're not going to see an immediate change in spending that would have some type of immediate and cataclysmic effect on the economy. what does immediately change is december you have the bush tax rates in effect. january, you have the clinton tax rates in effect. democrats are better off negotiating from the clinton rates and then they're saying, okay, look, here are the rates, we're going to bring this down, we're going to bring this down. we're going to leave these how they are. how would you like to vote for this? are you going to oppose this? and people didn't really vote for compromise necessarily this election. they overwhelmingly e
the fiscal cliff is a bluff. now, defaulting on the debt, that's something real. you could spark some global financial crisis. but the fiscal cliff, people are going to wake up january 2nd, 3rd, 4th, 5th, and nothing substantial will have changed. because these are cuts that are phased in, it'll take a long time for the withholding to start hitting people's paychecks, and even after withholding starts hitting people's paychecks, you're not going to see an immediate change in spending that would...
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Nov 27, 2012
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the president's fiscal cliff campaign. live pictures of the white house are president obama will meet today with 15 small business owners. the first of a series of meetings this week as the administration puts the pressure on congress to make a deal. the "washington post" reporting the talks are accelerating between president obama and top congressional leaders, including john boehner who was on the phone with the president over the weekend. the white house's pr campaign is being buoyed along by warren buffett who is voicing support for tax hikes for americans just like him. >> i think it would have a great effect in terms of the morale of the middle class who have seen themselves paying high payroll taxes, income taxes and then watched guys like me end up paying a rate that's below that, you know, paid by the people in my office. >> joining me now is wisconsin's republican senator ron johnson. senator, it's great to have you with us this morning. and as we talk about what's taking place in washington, d.c. right now, the
the president's fiscal cliff campaign. live pictures of the white house are president obama will meet today with 15 small business owners. the first of a series of meetings this week as the administration puts the pressure on congress to make a deal. the "washington post" reporting the talks are accelerating between president obama and top congressional leaders, including john boehner who was on the phone with the president over the weekend. the white house's pr campaign is being...
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the fiscal cliff is looming pending whatever words you want to use to get it done, but the new congress, republicans know immigration reform is a priority. let's see what comes out of that meeting tomorrow. i would assume the mexican president will push president obama to get it done. president obama wants to get it done. he wants to keep the sort of onus on republicans to get something done. that, i think, will focus us a little bit on immigration reform, maybe a slight move off the fiscal cliff for a few hours tomorrow. >> in fact, i think the meeting actually starts this afternoon, so i misspoke on that. they might have wanted not to it talk about the drug war, but they have this horrible assassination now of the death of the mayor a fighter against the cartel and already lost her husband. it goes on. >> absolutely. i would say, andrea, always with these meetings you get to talk about what you want to talk about and also things you don't want to talk about. let's see what comes out of it when they greet the cameras and what they have to say. my guess is we'll hear some talk about imm
the fiscal cliff is looming pending whatever words you want to use to get it done, but the new congress, republicans know immigration reform is a priority. let's see what comes out of that meeting tomorrow. i would assume the mexican president will push president obama to get it done. president obama wants to get it done. he wants to keep the sort of onus on republicans to get something done. that, i think, will focus us a little bit on immigration reform, maybe a slight move off the fiscal...
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Nov 27, 2012
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all this week president obama is pushing his fix to the fiscal cliff. it takes place in 35 days if congress doesn't act. >> he meets today with small business owners at the white house. nancy cordes is on capitol hill where noters are still working on a budget deal. nan seerks good morning. >> good morning, norah and charlie. >> everyone on capitol hill has returned from thanksgiving recess insisting they are ready to compromise and they think a deal can be reached before the deadline. the outlines of that deal are still far from clear. we know it's going to involve a mix of spending cuts and tax revenue increases. but how much and where all that money will come from is still a mystery. top aides in both the house and the senate tell us that despite the fact the president started these negotiations talking with all the leaders at the house and the senate at this point he's primarily dealing with one person. that's house speaker john boehner. that's because any deal that involves raising tax revenue will face its biggest hurdle in the house of representa
all this week president obama is pushing his fix to the fiscal cliff. it takes place in 35 days if congress doesn't act. >> he meets today with small business owners at the white house. nancy cordes is on capitol hill where noters are still working on a budget deal. nan seerks good morning. >> good morning, norah and charlie. >> everyone on capitol hill has returned from thanksgiving recess insisting they are ready to compromise and they think a deal can be reached before the...
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let the fiscal cliff come and crystal sue says pay congress middle class wages make them pay for their own insurance they will be ready to deal then. >> bill: amen to that. i have to tell you if i were obama, i would let the country go over the cliff rather than extend the bush tax cuts for another two years. if he had to make -- if it comes down to that choice, the best thing they can get out of this congress is continuing those bush tax cuts, i think it is no way, no how. boom. >> start rolling down the fiscal slope. >> bill: right. start rolling down the fiscal slope. >> there is a lot of confidence in that assertion though that assumes -- and the path has shown the g.o.p. has gotten blamed in situations like the debt ceiling last summer. a lot of confidence in that that the blame goes to the house g.o.p. for not raising those rates. now if the blame -- even if obama winds up getting or the blame -- i don't know if it that's a good strategy. >> bill: he doesn't have to worry. do the right thing. he won. he won the election. he doesn't have to run ever again. ever ever, ever for anyt
let the fiscal cliff come and crystal sue says pay congress middle class wages make them pay for their own insurance they will be ready to deal then. >> bill: amen to that. i have to tell you if i were obama, i would let the country go over the cliff rather than extend the bush tax cuts for another two years. if he had to make -- if it comes down to that choice, the best thing they can get out of this congress is continuing those bush tax cuts, i think it is no way, no how. boom. >>...
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cliff is. >> that's the difficult part of it. a fail safe mechanism. the scenario at the end of december where you say we can't do it. that's unlikely. >> how much does the market fall? >> i think you'll have a rerun of the t.a.r.p. scenario in late 2008. >> ed is nodding his head. >> i do think markets will fall. i actually wanted to ask tom a question. i agree with you. i think confidence is extremely important. the question is this. suppose you deal with the fiscal cliff and you restore confidence for the short run by doing that but you do it in a way that is not conducive to long-term growth. that wouldn't be great for markets either. so my big concern is that, you know, if we look at the past three years and you say, well, markets have done pretty well. confidence has been pretty high. at least for the short run. if you read it that way. but the question is how much longer can we tolerate very low growth rates and should we accept the structure in the short run that allows for long-term growth that's higher or long-term grow
cliff is. >> that's the difficult part of it. a fail safe mechanism. the scenario at the end of december where you say we can't do it. that's unlikely. >> how much does the market fall? >> i think you'll have a rerun of the t.a.r.p. scenario in late 2008. >> ed is nodding his head. >> i do think markets will fall. i actually wanted to ask tom a question. i agree with you. i think confidence is extremely important. the question is this. suppose you deal with the...
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Nov 27, 2012
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a new time high on that. >> as we come to the fiscal cliff in the next month or so and one of the sticking point, tax rates for the wealthy, you favor a minimum tax rate for the wealthy of 30% for taxable income between $1 million and $10 million, 35% for income over that. do you see the political will in washington right now to accomplish that and come up with a compromise? >> i wouldn't be surprised if it happens. >> that deal? >> that deal could happen, sure. i mean, i think there's a generally feeling among the american public certainly and even among many in congress that the rich like me have been getting away with low tax rates, and it's time to make the tax rates more progressive. >> one of the ideas being pushed out there by the right is that if you raise taxes on the wealthy it will have a chilly effect on hiring in the country. part of the op-ed you wrote, bear with me. suppose that an investor you admire and trust comes to you with an vest deal. this is a good one, he says enthusiastically. i'm in it and i think you should be, too. your replay possibly be like this, it depends
a new time high on that. >> as we come to the fiscal cliff in the next month or so and one of the sticking point, tax rates for the wealthy, you favor a minimum tax rate for the wealthy of 30% for taxable income between $1 million and $10 million, 35% for income over that. do you see the political will in washington right now to accomplish that and come up with a compromise? >> i wouldn't be surprised if it happens. >> that deal? >> that deal could happen, sure. i mean,...